It’s not you, it’s definitely them. How to have an open relationship with your bank.
Outdated values, low rates on your deposits, lackluster technology. Sound familiar? If it feels like your bank hasn’t been making much of an effort recently, it’s probably because they haven’t been, and it might be time to shake things up a bit.
Banks are notorious for doing just enough, and not nearly enough. ‘Bundling’ is a common term used to describe how banks strategically cross-sell their products to customers to increase their own profitability while creating greater perceived friction so those customers stay put.
This strategy might have worked 20 years ago, but today’s technology improvements have outpaced this tired banking model. Savvy consumers have lots of options at their fingertips, and can now easily shop around and cherry-pick the best financial products and providers that best fit them and their unique needs. Gone are the days when we were locked into a long-term, exclusive relationship with a single banking institution and ill-fitting products.
If you’re looking for a high yield deposit account, chances are your existing bank isn’t getting the job done these days. There are numerous online options that provide customers the ability to maximize their rate, especially in this low interest rate environment, to save more on those risk-free rainy-day and nest-egg funds. There are also real, measurable benefits to separating a savings account from your everyday checking to ensure you don’t inadvertently tap into those funds for non-essential purchases.
If you’re looking to maximize rate while also maximizing your positive impact in the world, Atmos has you covered. Atmos offers FDIC-insured savings accounts with rates up to 0.51% and also commits to using 100% of those deposits towards climate-positive infrastructure. If you’re wondering if this is a unique option out there in the world, it is indeed. Atmos is the only high-impact option in the country designed to minimize customer friction. Open an account and connect your existing checking and/or savings accounts in just a few minutes. Keep spending with your current provider, leave those billpay settings intact, but earn more money and maximize your positive impact in the world with everything else. Transfer money back/forth from Atmos to your other financial institutions as you need it, and watch your savings and good karma grow. Atmos accounts are FDIC-insured up to $250,000.
And if you’re wondering if your deposits really do make a difference, Atmos is a wealth of knowledge for you. Check out this post on Intentional Banking, our FAQ, or open a chat and ask us how. So maybe it's time for a "define the relationship" talk with your bank.